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  Money-Business

Is it time to implement a hoarding tax for financial institutions?

By Kevin Anthony Stoda ()     Permalink
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Is it time to implement a hoarding tax for financial institutions?

    

Is it time to implement a hoarding tax for financial institutions? 

Last week it was announced that banks who have received federal funds recently have been handing over moneys to stockholders and company higher ups--even as layoffs have occurred.

Meanwhile, there has been some expectation that the Obama Administration would promote a more just tax system. 

In addition, America and the world need investment to help industry and services expand to overcome bad governance, bad lending and bad investing practices of the past decades.

Since the USA federal government first offered over 1 trillion dollars to the financial and related industries in 2008, little new efficiencies and supports for the USA economy have arisen in the banking and financial sectors.

Therefore, it is important to both (1) consider a way to bolster financial support for the rebuilding of the American economy and (2) see a way to keep overall federal deficit down in the long turn.

A hoarding tax against banking and financial institutions needs, therefore, to be set up as a sort of progressive tax for banks. 

That is, the larger the banks or the larger the financial institution, the higher the hoarding tax needs to be.  Such a tax could be based upon annual federal bank interest rate (plus 5 to 33) percent for banks and financial institutions who are failing to lend as is required for fair lending practices to evolve for homeowners (and small businesses) and for key strategic projects across North America to be realized. 

These taxes would be reemployed in the economy with a focus primarily on the development economy across USA regions.  (Naturally, those banks who have taken federal loans or bailouts need to be taxed as well as--if not more than other savings and lending institutions.  The key bonus earners in such firms would have to pay equivalent bonus taxes if the firm is found guilty of hoarding.)

These tax-incentives to lend would, of course, need to be overseen more intensively by officials and NGOs than was the case between the 1970s and 2008, i.e. as the U.S. went off the gold standard and oil shocks first hit the world stage.

Definately the US needs an anti-hoarding tax to help investment flow in the right ways.
Hoarding of federal moneys should be illegal. Some sort of law is needed.
I dunno--too hard to predict if Obama can get the economy going any other way.
No way, this is a stupid idea.

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KEVIN STODA-has been blessed to have either traveled in or worked in nearly 100 countries on five continents over the past two and a half decades.--He sees himself as a peace educator and have been-- a promoter of good economic and social development--making-him an enemy of my homelands humongous DEFENSE SPENDING and its focus on using weapons to try and solve global (more...)
 

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